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It is not a secret that the Forex market is risky to put your money in. After all, you’re betting on the movement of two different currencies again each other.
But even with this risk, there are always a lot of opportunities to make money in this market. And there are also scams waiting for your mistake to take the money you invest.
Is Forex a scam, how to avoid scams, and what to do when scammed out of money?
In this article, we are going to discuss these points.
What is a Forex Scam?
Forex scams are schemes that scammers use to cheat Forex traders by promising a trading system that will allow them to earn high profits quickly. However, this is not always the case, but you should do your research before investing any money in an online trading platform.
Check the list of fake trading websites to be aware of first.
Common Forex Trading Scams
Let's go through 3 common forex trading scams.
1. Robot scams
A forex robot is a programme that buys and sells currency using an algorithm. The software is considered a legitimate forex robot and has been tested by an independent body. Some scams sell untested software that makes trades random and causes traders to lose their investments. That’s why you should always do as much research as possible to avoid them.
2. Broker scams
There are scams that pretend to be legitimate forex brokers in order to trick people into investing in non-existent funds. They will often use the name and registration number of an authorised broker, so it's important that you check the FCA register for contact details before investing. Read the Exness review to get acquainted with the regulated broker qualities.
3. Forex account scams
Some investment companies offer managed forex accounts. This is when an expert trader invests money for you. But sometimes scammers pretend to be experts and steal traders’ money. So always check if they are authorised by the FCA so you don't get scammed.
How to avoid Forex Scam Brokers?
Instead of asking yourself if is Forex legit and if is it worth investing in, you better think about how to avoid forex scam brokers.
When it comes to avoiding Forex scams, the most important thing is to do your research. Make sure you understand the rules and regulations of a trading platform before signing up and be wary of any brokers that claim to be the best.
Take your time researching different brokers so you can find one that fits your needs. This will not only help you avoid scams but also allow you to maximise profits in the long run.
Also, when choosing a broker, be sure to compare their regulations with the terms on their website. If you find any inconsistencies or anomalies, ask for business registration proof before registering.
Make sure to read through all the fine print when opening an account - scammers may use incentives against traders when it comes to withdrawing funds.
What to do if you are already scammed?
If you think you may have been scammed while trading forex, it is important to take action quickly. Contact your bank as soon as possible if any of the following applies:
- You paid either credit or debit card
- You transferred money right from your bank account
- You shared your personal data
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2022-10-31 14:18:24Z
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